FXstreet.com (Barcelona) - The Pound is trying to pick up again and reaches levels around 1.4580 after having bottomed at 1.4515 during the European session on its decline from Friday's high at 1.4772; the Pound remains weak in the hourly charts and RSI shows a neutral tone.
On the upside, potential resistance levels lie at 1.4600, and above there 1.4660 and 1.4770 (Mar 24 high). On the downside, below 1.4515, next support levels could lie at 1.4440 (Apr 23 low) and 1.4395 (Apr 22 low).
According to Peter Rosentreich, economist at ACM - Advanced Currency Markets, The Pound could explore lower territories rather than rise sharply: Pressure is clear mounting on the sterling with the bull rally off of 1.3656 (march 11th) lows fading. RSI has a neutral tone so expect a choppy move down lower to 1.4400/40 cloud support and 1.4389 horizontal support. Trendline resistance at 1.4720 will cap rallies.
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